Institutional Presentation May 2009

Disclaimer This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for or purchase any securities neither does this presentation nor anything contained herein form the basis to any contract or commitment whatsoever. The material that follows contains general business information about LPS Brasil – Consultoria de Imóveis S.A (“Lopes”) as of the 31 st of March 2009. It is not intended to be relied upon as advice to potential investors. The information does not purport to be complete and is in summary form. No reliance should be placed on the accuracy, fairness, or completeness of the information presented herein and no representation or warranty, express or implied, is made concerning the accuracy, fairness, or completeness of the information presented herein. This presentation contains statements that are forward-looking and are only predictions, not guarantees of future performance. Investors are warned that these forward-looking statements are and will be subject to many risks, uncertainties, and factors related to the operations and business environments of Lopes and its subsidiaries such as competitive pressures, the performance of the Brazilian economy and the industry, changes on market conditions, among other factors disclosed in Lopes filed disclosure documents. Such risks may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Lopes believes that based on information currently available to Lopes management, the expectations and assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty to update any of the forward-looking statements contained herein.

Investment Highlights

Simple and Focused Value Added Business Model Main Distribution Channel in the Industry with a National Footprint Low Risk Business with a Diversified Client Base : Cash Generator Company Already scaled down to face new market conditions in 2009 Unmatched Scale and Reach Experienced Management Team and Outstanding Track Record Investment Highlights

Mr. Francisco Lopes initiates its activities intermediating properties 1935 40´s 50´s 60´s 70´s 80´s 90´s 00´s Launch one of the first buildings under the condominium concept First TV advertisement for a real estate development Start of long term partnership with Gomes de Almeida Fernandez (Gafisa) Launch and sell of 14 office buildings at Av. Paulista Launch and sell of 11 office buildings at the Faria Lima region Creation of the launching system with sales stands and marketing materials, attracting customers specially during weekends Identification of Marginal Pinheiros as an attractive area and launch one of the first buildings in the region Start up of sales of hotel condominium (Flats) Partner of Grupo Espírito Santo in selling one of the largest launching in Lisboa: Parque dos Príncipes Introduction of the concept of condominium clubs First “Top Imobiliário” award, in 1993 – Largest Brokerage Company Lopes becomes an important player at the segment of gated communities Triples in size in a decade, strengthening its leadership Wins its 15 th consecutive “Top Imobiliário” Lopes’ IPO Lopes starts its geographic expansion process Lopes’ website become leader on real state market The company’s first logo Becomes reference in real estate launchings and presents its new logo Brokerage Market Has No Other Company With The History and Track Record of Lopes

Mr. Francisco Lopes initiates its activities intermediating properties

Launch one of the first buildings under the condominium concept

First TV advertisement for a real estate development

Start of long term partnership with Gomes de Almeida Fernandez (Gafisa)

Launch and sell of 14 office buildings at Av. Paulista

Launch and sell of 11 office buildings at the Faria Lima region

Creation of the launching system with sales stands and marketing materials, attracting customers specially during weekends

Identification of Marginal Pinheiros as an attractive area and launch one of the first buildings in the region

Start up of sales of hotel condominium (Flats)

Partner of Grupo Espírito Santo in selling one of the largest launching in Lisboa: Parque dos Príncipes

Introduction of the concept of condominium clubs

First “Top Imobiliário” award, in 1993 – Largest Brokerage Company

Lopes becomes an important player at the segment of gated communities

Triples in size in a decade, strengthening its leadership

Wins its 15 th consecutive “Top Imobiliário”

Lopes’ IPO

Lopes starts its geographic expansion process

Lopes’ website become leader on real state market

The company’s first logo

Becomes reference in real estate launchings and presents its new logo

Lopes is exclusively focused on providing value-added real estate brokerage services to its client-developers, with a permanent concern of avoiding conflicts of interest Simple and Focused Business Model… Formal relationship through exclusivity agreements Over 160 Clients 46,393 effective buyers 1 80,000 prospects included in our data base in 2007 Client-Developers Client-Buyers How do we do business? How do we make money? 2, 3 $ 0.53 $ 0.12 $ 2.45 $ 100 $ 10 Total Price per Unit Down- payment Gross Commission $ 0.73 $ 0.12 $ 1.05 Agents + Managers Revenue Recognition $ 5 Developer 1 Over the last 5 years in Sao Paulo Figures only for example, not related to financials Considering Sao Paulo market $ 1.90 $ 3.10 Net Commission Premium Contract Advisory Fee

Formal relationship through exclusivity agreements

Over 160 Clients

46,393 effective buyers 1

80,000 prospects included in our data base in 2007

1 Over the last 5 years in Sao Paulo

Figures only for example, not related to financials

Considering Sao Paulo market

Lopes Net Commission SP GVS / Consolidated GVS 100% 95% 80% 50% 41% Net Commission São Paulo Net Commission Brazil 2005 2006 2007 2008 1Q09

Lopes’ business is clearly fundamental to the profitability and returns of its clients… With a Key Role in the Real Estate Value-Chain More than 5.000 brokers Real Estate Development Brazilian Market Dynamics … and its scale and reach – nearly impossible to replicate – enhance this importance Working Capital Is Fundamental Pre Sales Speed of Sales Concentrated in the Launch Period Reliance on Sales Force Scale and Efficiency Speed of Sales is the Key for Profitability

Lopes is focused on providing its clients with a full range of consulting services, from land procurement advisory to product formatting, development and sale Value-Added Services Across the Development Cycle Determines the Site’s Vocation Masters Market Research Formats Product Meeting Buyers’ “ Wants and Needs” Develops Marketing Campaign Optimizes Media Negotiations Coordinates Product Launching Events Individual Sales Strategy Created to Each Product Coordinates Product Launching Events

Institutional Website Evolution of visits to Lopes’ Website Source: Google Analytics

Notes: Managerial Reports. Absorption calculated over available units Sales Expertise in all Market Segments Granja Viana / SP 153/197/230 m 2 Reserva Santa Maria – Sep/ 07 177 units Location Usable Area Sales Cachambi / RJ 48 to 65 m 2 Norte Village – Jun / 07 850 un. – R$ 113,000,000 Location Usable Area Sales Paralela / BA 112 to 243 m 2 Le Parc Residential Resort – Nov / 07 258 un. – R$ 121,000,000 Location Usable Area Sales Barra da Tijuca / RJ 203 to 260 m 2 Santa Mônica Jardins – Nov / 06 142 un. – R$ 20,700,000 Location Usable Area Sales Barra da Tijuca / RJ 262 to 278 m 2 Itaúna Gold 30 units – R$ 45.000.000 Location Usable Area Sales 100% sold within 3 weeks Developer: Scopel and Desim CASE 90% sold within 5 months. Developer: Living / Brascan CASE 58% sold within 11 days. Developers: Cyrella / Andrade Mendonça / Jotagê CASE 70% sold within 1 year. Developer: Brascan CASE 80% sold within 30 days Developer: Brascan CASE HIGH MEDIUM-HIGH MEDIUM ECONOMIC GATED COMMUNITIES

100% sold within 3 weeks

Developer: Scopel and Desim

90% sold within 5 months.

Developer: Living / Brascan

58% sold within 11 days.

Developers: Cyrella / Andrade Mendonça / Jotagê

70% sold within 1 year.

Developer: Brascan

80% sold within 30 days

Developer: Brascan

HABITCASA: Focused on the Economic Segment Business Unit Exclusively Focused on the Economic Segment Units ranging up to R$180 thousand Focused in all Brazilian real state market Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside The other markets work with the brand The economic segment will be one of the most important drivers for the long term growth of the real estate industry, due to the Brazilian housing deficit of 8 million homes 1 . 1 According to Fundação Getúlio Vargas – FGV

Business Unit Exclusively Focused on the Economic Segment

Units ranging up to R$180 thousand

Focused in all Brazilian real state market

Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside

The other markets work with the brand

Geographic Expansion

Lopes is Growing Nationwide SOUTHEAST REGION São Paulo – Beginning of operations in 1935. Acquisition of 60% of Capucci &Bauer, in October 2007, for R$9 million (7.1x P/E 2008) and an earn-out payment. Rio de Janeiro – Entry by greenfield operation, with beginning of operations in July 2006, with LCI-RJ. Espírito Santo – Acquisition of 60% of Actual, in July 2007, for R$5.76 million (7.0x P/E 2008) and an earn-out payment. Minas Gerais – Entry by greenfield operation with beginning of operations in February 2008. SOUTHERN REGION States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition of 75% of Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two ear-out payments. In July 2008, Lopes acquired the 25% left by the call/put mechanism. MIDDLE WEST REGION Federal District – Acquisition of 51% of Royal, in November 2007, for R$12 million (9.0x P/E 2008) and an earn-out payment. Goiás - Greenfield operation with beginning of operations in August 2008. NORTHEAST REGION Bahia - Greenfield operation with beginning of operations in October 2007. Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 3 million (10.0x P/E 2008) and an earn-out payment. Ceará – Acquisition of 60% of Immobilis, in January 2008, for R$2.4 million (10.0x P/E 2008) and an earn-out payment. Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and sales player CE GO PR RJ BA SP RS ES SC PE MG DF

Lopes’ Market Mix São Paulo Rio de Janeiro Brasília South Northeast Other* *Other: ES, MG, GO and PA.

Lopes in the Secondary Market

The Secondary Market Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis 118 Primary Secondary 100% (Total in R$ billion, % of total potential sales value) Real estate market by segment In the city of São Paulo, the difference is as high as 30% ~ 50% Difference (in %) between the average price per m² in new development vs. used properties

At the same time that a property sale generates a “derived” demand for financing, it broadens the base of buyers, creating a virtuous circle that supports liquidity in the secondary real estate market. Pronto! and Credipronto! (JV with Itaú) will mutually strengthen this virtuous circle, offering a unique service in the real estate market Synergies Between Credipronto! and Pronto! – Competitive Advantage With Lopes’ leadership and financing from Itaú (Brazil’s largest bank), Pronto! and Credipronto!, acting together, will create a competitive advantage that is hard to replicate

CrediPronto!

Strengthening of mortgage origination and other related services. Leadership position in their respective markets Management Excellence High Value Brands Joint Venture Lopes Itaú Establishment of a Promotion Sales Company (non-financing company) to promote and offer financial products and services – mortgage and other related – with emphasis on the secondary market and with exclusivity to Lopes’ clients Direct and exclusive access to its customer database Seamlessly integrated operation with Lopes’ sales process, including an incentive compensation plan Lopes media exposure Service excellence Competitive financing terms and conditions Speed and quality of processing Experienced credit analysis Successful exposure to the lending business and in joint ventures

Direct and exclusive access to its customer database

Seamlessly integrated operation with Lopes’ sales process, including an incentive compensation plan

Lopes media exposure

Service excellence

Competitive financing terms and conditions

Speed and quality of processing

Experienced credit analysis

Successful exposure to the lending business and in joint ventures

Innovative Real State Financing Process The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions. CrediPronto!

Brazilian Real Estate Market

Social Economic Scenario and Housing Shortage 5,4 6,7 1991 2006 2000 7,9 Source: Fundação João Pinheiro e Ministério das Cidades Source: Credit Suisse 47 million homes 19% A/B > 10 minimum wages- US$ 1.900 52% 5 – 10 minimum wages- US$ 950 - US$ 1.900 30% C 28% < 5 minimum wages - US$ 950 51% D/E 20% Source: Losango * Qualitative Housing Shortage is the number of times that a family moves to different houses in life Age Pyramid in Brazil Segments by Income in Brazil Quantitative Housing Shortage (millions of homes) Qualitative Housing Shortage Source: IBGE

AAA AAA AA A+ A+ A A- BBB+ BBB- BBB- BBB+ Mortgage Market as a % of GDP Mortgage Market and the Investment Grade Source: Lopes, FMI, S&P and Santander X Rating S&P

Number of Launches - RMSP GVS¹ Launched (R$ bn) - RMSP Units Launched (‘000) - RMSP ¹ Launched values adjusted by the INCC until December/08. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1996 1997 2006 2007 2008 Nominal GVS launched in 2008 was the same amount as 2007: R$ 20 bn. 20,6 Launches RMSP – Historic data (1996 - 2008) Source: Lopes’ Market Intelligence *2009E – 1996 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized). 2009E* +14% +37%

R$/m 2 SPMR Real Estate Market Overview – Prices Source: EMBRAESP Nominal INCC Adjusted Evolution of Average Launches’ Prices in the SPMR R$/m 2

Lopes’ Confidence Index

116,9 Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term, housing purchase tendency. The sample has 565 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and are interested in purchasing a new home. +35.6% Lopes’ Confidence Index (LCI) April/09 (base: jan/2009=100) Source: Lopes Market Intelligence Lopes’ Confidence Index (LCI) - April/09 Lopes is the first company to create a Real Estate Consumer Confidence Index.

The scenario is positive when compared the present purchase intention with the purchase intention for the next 6 months, specially in the Low Income and Medium-High Segment. The factors that show the optimism for the future are : (i) the perception about the brazilian economic situation in the next 6 months , which for 47% of the interviewed will be good; and (ii) the purchase intention , which is high or medium for 75% of the interviewed. 116,9 36% 39% 31% (base: jan/2009=100) Fonte: Inteligência de Mercado Lopes Lopes’ Confidence Index (LCI) – April/09 Low Income Medium-High High Lopes’ Confidence Index Present Situation Index Expectation Index

Operational Highlights

Contracted Sales’ Historical* * Unaudited managerial information. Total GVS – Primary Market (in R$ million) CAGR: 36% -38%

Contracted Sales (R$ MM) Contracted Sales 2,336 1,441 -12% 1,600

Units Sold per Region and per Income Segment Sales per Segment (in units) Sales per Region (in units)

Lopes stands out as the brokerage company with the best performance per sales agent. The highest contracted GVS per sales agent ratio is an appeal and a retention factor for the best brokers of the market. (R$ MM) Source: Lopes Market Intelligence Contracted Sales per Agent - SP

Financial Highlights

Results 1Q09 Without Pronto! and CrediPronto!’s effects Lopes’ EBITDA would achieve R$7,4 million, with a 23% margin, and a Net Income of R$4,6 million, with a 14% margin. Brasília had a R$4,7 million Income, while Campinas had a R$1,0 million Income. 1Q09 Results (R$ thousand) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED Net Revenue 32,820 1,073 763 34,656 Operating Costs and Expenses (25,141) (2,884) (704) (28,729) Stock Option Expenses(CPC 10) (824) - - (824) Expenses Appropriated from Itaú (238) - - (238) EBITDA Pro-Forma 7,442 (1,812) 59 5,689 Pro-Forma EBITDA Margin 22.68% -168.9% 7.7% 16.4% Non- Recurring Expenses (1,313) (37) - (1,351) Net income Pro-Forma 4,614 (1,782) 304 3,136 Pro-Forma Net Margin 14.06% -166.1% 39.79% 9.05%

Reasons for the Decrease of the net Commission Contracted sales decrease, from R$2.3 billions in the 1Q08 to R$1.4 billion in the 1Q09; Market Mix change, with increase of Other Market’s share; e Decrease of São Paulo’s net commission, once Habitcasa, LIL and LIV rose its share on São Paulo’s contracted sales. 1Q08 1Q09 Net Commission Market Mix Brasília Brasília

Contracted sales decrease, from R$2.3 billions in the 1Q08 to R$1.4 billion in the 1Q09;

Market Mix change, with increase of Other Market’s share; e

Decrease of São Paulo’s net commission, once Habitcasa, LIL and LIV rose its share on São Paulo’s contracted sales.

Costs of Services and Operating Expenses * The total costs and operating expenses include the 4Q08 write-off on CPC04 of $ 10 million and the reversal of interest on Patrimóvel of $ 14.6 million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does not include the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. Operating Costs and Expenses (R$ thousands) 4Q08 1Q09 Lopes Pronto! Var. % Personnel expenses 22,010 13,980 12,435 1,530 (37%) Commissions and other services 2,120 1,091 959 117 (49%) Third party services, advisory and consulting 7,155 2,344 2,050 279 -67% Infrastructure 2,872 3,279 2,707 557 14% Telecommunications 4,028 2,028 1,908 106 (50%) Advertising and marketing 3,884 1,416 1,238 163 (64%) Depreciation 1,500 1,633 1,406 228 9% Office supplies 436 393 349 29 (10%) Other operating expenses (296) 3,493 3,373 105 (1,280%) Stock Option expenses 6,299 824 824 - (87%) Itaú expenses to accrue - 238 238 - - Non-recurring Loss - 1,351 1,313 37 - Total 50,011 32,071 28,960 3,112 (36%)

(R$ MM) Other Costs of Services and Operating Expenses Operating Costs and Expenses Other R$3.8 MM Itaú ‘s expenses to accrue R$0.2 MM Depreciation R$1.4 MM Pará’s One-Off Costs R$1.3 MM Stock Option R$0.8 MM

Guidance for 2009

Sales’ Guidance for 2009 – Primary Market 9% (R$ MM) * The General Value of contracted sales (Contracted GVS) projected in this release may change due to many variables. This material fact includes forward looking statements related to business perspectives, results estimates and, also, the growth outlook for Lopes. Such forward looking statements may be substantially affected by changes in market conditions, government decisions, stronger competition, industry performance as well as Brazilian economy performance, in addition to those risks presented in the documents released and filed by Lopes, consequently, they are subject to changes without previous notice.

Sales’ Guidance for 2009 – Secondary Market *Secondary market sales from Lopes’ other units are not included. . Pronto!’s Guidance 2009 Contracted Sales R$ 1.1 billion – R$ 1.4 billion i. Sales Lopes* R$ 0.4 billion – R$ 0.6 billion ii. Sales Franchisers R$ 0.7 billion – R$ 0.8 billion Net Revenue R$ 12 million – R$ 14 million

Additional Information

Two seasonality components: Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more significantly affected by summer vacations and the week of Carnival celebrations. Variations in sales stemming from the sales pipeline in the real estate development market, in which projects launched are subject to licensing and permit requirements, which account for significant distortions in a quarter-over-quarter comparison. Lopes’ Contracted Sales Seasonality Unstable sales behavior in each quarter accounts for variations in yearly sales * The seasonality can not be verified in 2008, because of the effects of the world financial crises.

Two seasonality components:

Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more significantly affected by summer vacations and the week of Carnival celebrations.

Variations in sales stemming from the sales pipeline in the real estate development market, in which projects launched are subject to licensing and permit requirements, which account for significant distortions in a quarter-over-quarter comparison.

Ownership Structure Total of 49,448,033 common shares Ownership Structure Post-IPO

Analysts Coverage Institution Analyst Contact Agora Cristiane Viana (+55 21) 2529-3393 [email_address] Banco Espírito Santo TBD - Credit Suisse Marcelo Telles (+52 55) 5283-8933 [email_address] Itaú David Lawant (+55 11) 3073-3037 david.lawant @itau.com.br Link Celso Boin Jr. (+55 11) 4505-6701 [email_address] Planner Ricardo Martins (+55 11) 2172-2600 rmartins@plannercorretora.com.br UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208 [email_address] Coin Valores Marco Barbosa (+55 11) 3035-4141 [email_address]